What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2223
Title of bill
An act to amend the tax law, in relation to authorizing a childhood education surcharge on the personal income tax for cities having a population of one million or more persons; and providing for the repeal of such provisions upon expiration thereof
Purpose or general idea of bill
This bill authorizes a city of one million or more to adopt local laws providing for a city income tax surcharge for taxpayers making $500,000 or more for aid to early childhood education and after school programs. This tax will sunset after 5 years.
Summary of specific provisions
Section 1. This section amends the tax law by adding a new section, 1304-E.
Subsection (a). This subsection empowers any city of one million or more imposing a tax surcharge for early childhood education programs to adopt and amend a tax surcharge for taxpayers making $500,000 or more on the city taxable income of every city resident individual, estate, and trust for all taxable years after 2016. This tax will sunset after 5 years.
Subsection (1). This subsection sets the rate up to 4.3%- a 0.424 percentage point increase of the tax upon which the surcharge is based.
Subsection (b). This subsection provides that any city imposing a tax surcharge in accordance with this article may by local law impose such surcharge at a lower rate than the percentages set forth in subsection (1). The city may also impose the city income tax surcharge at more than one rate depending upon the filing status and city taxable income of a city resident.
Subsection (c). This subsection states that the city income tax surcharge imposed by this article shall be administered, collected, and distributed in the same manner as other taxes imposed pursuant to this article. However, the provisions of section 1313 of this article which directs payment of taxes to the New York City transitional finance authority shall not apply to the city income tax surcharge.
Subsection (d). This subsection states that the total revenue, including interest and penalties from the city income tax surcharge, which the state comptroller is required to pay to the chief fiscal officer of the city imposing such surcharge shall be for payment into the city treasury shall be credited to the general fund of such city and applied exclusively to or in aid or in support of the early childhood education programs of the city.
Subsection (e). This subsection states that the local law must be enacted on or before December 31, 2015 in order to be applicable. A certified copy of the local law shall be sent by registered mail to the department's Albany office within 15 days of enactment. Additional time for a copy of the local law to be sent shall be
allotted by the department if deemed consistent with its duties under this article.
Justification
The City's remarkable turnaround in crime-fighting in the mid-to-late 1990s was funded, in part, by a temporary surcharge in the personal income tax. The surcharge ended in 1998. A similar surcharge is now necessary to fund a turnaround in our City's early childhood education programs.
Prior legislative history
None.
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.